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Jan. 31, 2013

The Altman Companies to Develop 321-Unit Fla. Community

By Jessica Fiur, News Editor

Kendall, Fla.—The Altman Companies, a Boca Raton, Fla.-based developer, announced that it has closed on 24.6 acres in Kendall, Fla. Bradly Associates and BBX Capital Asset Management are the equity partners for this development, and the lenders are TD Bank and Behringer Harvard.

“We are very pleased to be partnering with The Altman Companies on this development, as we continue to build our investment portfolio,” Seth Wise, president, BBX Capital, says. “The Altman Companies are highly respected in the rental apartment field and we are excited to partner with them to bring this exciting new neighborhood to the Kendall market.

Once completed, the community, called Altis at Kendall Square, will contain 321 units with one-, two- and three-bedroom floor plans. Additionally, there will be 6,000 square feet of retail space and a 5,000 square foot clubhouse for residents.

Amenities for Altis at Kendall Square will include a pool and spa, outdoor activities pavilion with sports bar and demonstration kitchen, cabanas overlooking the lake, playground, beach volleyball court, dog park and garden plots with composter.

The community itself is designed to be picturesque, with a landscaped promenade and plazas with water features, trellises and benches.

Additionally, the location of Altis at Kendall Square will be an asset for potential residents.

“We are anticipating Altís at Kendall Square, our new 321-unit apartment development, to be extremely successful given its location in West Kendall near the new Baptist Hospital and next to the Publix shopping center in Kendall Square, a newly planned, traditional neighborhood community,” Joel Alman, chairman, The Altman Companies, tells MHN. “Current rents in the market already exceed those underwritten for Altís at Kendall Square.”

The Altman Companies plans to start construction immediately, and expects the first apartments to be available in the fourth quarter of 2013.